Smith, Stainstreet and Company Limited (Acquisition and Transfer of Undertakings) Act,1977

Act No : 41

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Section : THE SCHEDULE

SCHEDULE 01: THE SCHEDULE

(See sections 18-,19-,20-,22-and24-)

ORDER OF PRIORITIES FOR THE DISCHARGE OF LIABILITIES OF THE COMPANY PART 'A' POST-TAKE-OVER MANAGEMENT PERIOD

Category I.

(a) Wages, salaries and other dues of the employees of the Company.

(b) Loans advanced by the Central Government.

(c) Loans advanced by Indian Drugs and Pharmaceuticals Limited.

(d) Loans advanced by banks guaranteed by the Central Government.

(e) Credit availed of for purposes of trade or manufacturing operations.

Category II.

(a) Revenue, taxes, cesses, rates or other dues to the Central Government or a State Government.

(b) Sales tax, rates and taxes, contributions to be made to the Employees' State Insurance Fund and Additional Deamess Allowances payable to employees.

PART 'B' PRE-TAKE-OVER MANAGEMENT PERIOD

Category III.

Arrears in relation to provident fund, salaries and wages and other amounts due to employees of the Company.

Category IV.

Principal amount due in relation to all secured loans.

Category V.

Amounts due by way of interest due in relation to the secured loan® referred to in category IV.

Category VI.

Revenue, taxes, cesses, rates or any other dues to the Central Government, a State Government, a local authority or a State Electricity Board.

Category VII.

(a) any credit availed of for purposes of trade or manufacturing operations.

(b) Any other dues.

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